The Personalized Employment Pass (PEP) is a scheme developed in Singapore in order to facilitate the input of international talent towards the country.
A new work visa, PEP allows foreign professionals to work in Singapore for up to 5 years and not be tied to one single employer. PEP is issued based on individual merits thus you are not required to secure first a job in Singapore before applying for this visa. You are given a period of six months as grace period in order to look for a suitable employment.
At present, the Employment Pass or EP can only be issued as long as there is proof of confirmed employment with a specific employer. When the employment is terminated or the EP holder leaves the country, the work pass is cancelled immediately and the holder is required to leave the country right away, unless he finds employment with a new company. Transferring to a new employment with a different company or employer requires a new application, and a new EP. However, because PEP does not tie the holder to any employer but is issued on the basis of an EP holders individual merits, a PEP holder is allowed to stay in Singapore for up to six months in order to evaluate new employment opportunities.
As long as you comply with the following requirements, you are eligible to apply for PEP:
* Earn a monthly salary of not less than S$7,000, provided that the last salary is drawn not more than 6 months at the time of application
* A former P1 category Employment Pass holder who resides overseas and is not unemployed for more than a continuous period of six months at the point of application
* A current P1 category Employment Pass holder.
* A current P2 category Employment Pass holder with at least two years of working experience in a P category of Employment Pass and receives an annual income of at least S$30,000.
* A foreign graduate from institutions of higher learning in Singapore with at least two years of working experience on a P or Q1 category Employment Pass and earns an annual income of at least $30,000
* A PEP holder is prohibited from starting their own company in Singapore. However, they are permitted to own a minority Shareholding in the company and he can act as one of its Directors.
* PEP holders can enjoy job flexibility. Generally, he can be employed with any sector. When he needs to change jobs, a PEP holder need not re-apply for a new pass.
A flexibility of a continuous period of up to six months without any employment is allowed to PEP holders in order for them to evaluate employment or work opportunities. They are allowed to stay in Singapore even during this time.
In connection with the foregoing, AsiaBiz, a leading company registrar offers company Personalized Employment Pass. They also provide payroll management and Singapore payroll services.